LPG / NGL
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Strait of Hormuz 'completely open': Update
Strait of Hormuz 'completely open': Update
Adds Trump statement, other details throughout London, 17 April (Argus) — The strait of Hormuz will be open to commercial vessels for the duration of the US-Iran ceasefire now that a halt to fighting in Lebanon has been agreed, Iranian foreign minister Seyed Araghchi said on Friday. President Donald Trump reaffirmed the opening of the strait in a social media post shortly after Araghchi's announcement, saying it was "COMPLETELY OPEN" and ready for passage. A naval blockade the US military began enforcing against vessels entering or leaving Iranian ports earlier this week would remain in full effect until "OUR TRANSACTION WITH IRAN IS 100% COMPLETE", Trump wrote. Just minutes before Trump's post, US Central Command, which oversees Middle East-based US forces, said it had directed a merchant vessel to return to Iranian port as part of its enforcement of the blockade. US Central Command said so far, 19 ships have complied with directions to return to Iran and zero had evaded the blockade. Ice Brent crude futures fell sharply on the news. The front-month contract was trading at $89.37/bl as of 9:49am ET, down by more than 10pc. Vessel traffic through the strait of Hormuz has been heavily restricted since the war with Iran began on 28 February, even after the US and Iran agreed to a two week-ceasefire that is set to expire on 22 April. The potential reopening of the strait would allow an estimated 120 loaded tankers to depart from the Mideast Gulf and calm markets, IEA executive director Fatih Birol said earlier this week. In his announcement of the reopening Friday, Araghchi cited the ceasefire in Lebanon in saying "the passage for all commercial vessels through strait of Hormuz is declared completely open for the remaining period of ceasefire, on the co-ordinated route as already announced." By Andrey Telegin and Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Hormuz open during ceasefire period: Iran's Araghchi
Hormuz open during ceasefire period: Iran's Araghchi
London, 17 April (Argus) — The strait of Hormuz is open to commercial vessels for the duration of the US-Iran ceasefire now a halt to fighting in Lebanon has been agreed, Iranian foreign minister Seyed Araghchi said today. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through strait of Hormuz is declared completely open for the remaining period of ceasefire, on the co-ordinated route as already announced," Araghchi said. Front-month Ice Brent crude futures fell sharply on the news, to trade down by nearly 10pc at below $88/bl. By Andrey Telegin Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
European propane price lowest since US-Iran war began
European propane price lowest since US-Iran war began
London, 16 April (Argus) — Northwest European propane prices have fallen to their lowest since the war between the US and Iran began, under pressure from weakening demand and ample supply even with continued disruption in the strait of Hormuz. The outright Amsterdam–Rotterdam–Antwerp (ARA) large cargo propane assessment was $650/t on 15 April, down by $323.75/t from the post-war peak of $973.75/t on 19 March and the lowest since the war began on 28 February. The assessment is $85.75/t above where it was before the conflict. Prevailing fundamentals are likely to allow prices to fall further. Spot offers for propane have increased in Europe and in Asia-Pacific, surpassing demand needs. Norway's state-controlled Equinor on Wednesday offered an early-May ToT23 cargo, priced at a fully-floating basis, equivalent to a premium of $109/t to May paper. There were no bids, with regional buyers willing to pay a much smaller premium and indications that some are even looking for discounts. Seasonal factors are weighing on demand. Europe has entered spring, when warmer temperatures allow for heating consumption to fade. The region continues to receive sufficient amounts of US LPG, even though the war in the Middle East has removed around 30pc of global seaborne supply. US inflows were 508,000t in March, according to data from Kpler, which is about the average monthly amount Europe received in 2024 before the region was flooded with US product in 2025. Today, European propane cif ARA paper for May was trading about $5/t below Wednesday's close, and with no recent bidding attempts in the physical market, any paper losses quickly transmit to the spot benchmark assessment. In Asia-Pacific, the spot market has seen more offers than bids in recent days and tightness has eased. The Argus Far East Index (AFEI) swap contract for May has not fallen as far as the equivalent cif ARA, but closed at a one week low on Wednesday, fell by around $20/t early today, and could be at a one-month low by tonight's close. Asia-Pacific buyers are reluctant to commit to prompt spot supply, with conflicting messages about the prospects for a Hormuz reopening, and are choosing to wait. A steep May–July backwardation of $180/t provides a strong incentive to defer purchases, allowing those able to wait to secure discounts of close to $200/t to current prices. For Europe this leaves more US LPG available, allowing prices to fall further. Global balances therefore appear increasingly favourable to buyers, even as a resolution to the conflict remains uncertain and the strait of Hormuz stays closed. By Efcharis Sgourou Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
NWE butane hits four-year high on Iran war squeeze
NWE butane hits four-year high on Iran war squeeze
Butane has been heavily affected due to the evenly split nature of Mideast Gulf cargoes versus the US' propane-weighted supply, writes Waldemar Jaszczyk London, 15 April (Argus) — The price of butane imports to northwest Europe hit a four-year high against crude this month, outpacing gains in competing petrochemical feedstocks as the loss of Mideast Gulf exports from the Iran war disproportionately tightened global supply. The large cargo butane price, basis cif Amsterdam-Rotterdam-Antwerp (ARA), rose by 20 percentage points from the start of the war on 28 February to 86pc of Ice Brent futures by 10 April — the highest since January 2022. Propane by contrast fell to a pre-conflict level of 63pc of crude having climbed to 71pc on 19 March. Firmer support flipped butane to a premium to propane of $131.25/t on 10 April from a $98/t discount a month earlier. The outright butane price stood at $889.25/t on 10 April, down from a peak of $1,016/t on 7 April but up from $515.50/t before the war. Reduced Middle East butane exports have increasingly pushed Asian buyers to the US, tightening availability for European importers. US butane exports to northwest Europe fell 36pc on the year to 143,000t in March, a five-year low for the month, according to Kpler. The war has affected butane supply more than propane because of the evenly split nature of Mideast Gulf cargoes, while the US' are 75pc propane weighted. Asian butane demand is also more inelastic given its vital use as a cooking and heating fuel, whereas propane use is centred on the petrochemical sector, where operating rates have been drastically cut. High returns from Asia-Pacific's short residential markets drew nearly all available US cargoes east, lifting US butane exports by 39pc on the year to a 10-month high of 1.66mn t last month. Supply tightness in Europe forced UK petrochemical firm Ineos to bid aggressively for April cargoes, lifting butane's ratio to front-month naphtha by 12 percentage points to parity for the first time since May 2022. This defied seasonal norms, with ratios falling by over six percentage points relative to naphtha in February-April on average over the past five years. Ineos operates an 80,000t butane storage facility in Antwerp, Belgium — one of Europe's two largest above-ground LPG tanks. But Ineos' demand was partly driven by restocking after strong barge demand from gasoline blenders in March. With steam cracker margins under pressure since 2022, Antwerp storage has focused on local cash sales and capturing spreads between large and small butane cargoes during peak winter blending. At the same time, 400,000 b/d of regional refining shutdowns and high natural gas prices prompting internal product use left Antwerp as ARA's key supply source. Butane fob barge prices relative to large cargoes — the basis for Ineos imports — consequently flipped to a $83.75/t premium in March from a discount of $20/t in 2025. Barge prices then softened as blending demand eased, but prices relative to naphtha remain above the range that typically triggers petrochemical buyers to switch to butane. Waive goodbye European buyers could also face stiffer competition for US butane from the country's domestic buyers after the US Environmental Protection Agency waived Reid vapour pressure limits on 25 March for summer-grade gasoline, allowing more butane to be blended. US butane deliveries to northwest Europe usually peak in the summer months as falling blending demand frees product for export. But strong butane prices may erode the seasonal gains in petrochemical feedstock use at crackers. Butane-to-ethylene margins usually rise sharply in the second quarter, outperforming naphtha and propane by €255.25/t ($301.20/t) and €75.50/t on average. But they fell to -€554.50/t in March, an all-time low, after operators locked in monthly ethylene contracts before the war. The butane price gains have pushed them above natural gas equivalents, raising the prospect of higher North Sea supply. The large cargo price was at a $154.50/t premium to Dutch TTF gas on 10 April, up from a $102.50/t discount a month earlier. NWE butane imports NWE butane price Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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Scenario analysis for LPG markets disrupted by Gulf war
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Global LPG price response to the Iran war
Middle East war hits global LPG markets
Our team examine the huge disruption to LPG markets caused by the conflict in this special episode of Global LPG Conversations.
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